Kotak Bank offers senior citizen fixed deposit schemes to Indian citizens over the age of 60 years. Senior citizens can benefit from special interest rates and get higher returns on their savings. The interest rate for senior citizens ranges from 3.00% p.a. to 5.80% p.a.
Features and Benefits of Kotak Bank Senior Citizen Fixed Deposits
- Flexible tenures ranging from 7 days to 20 years.
- Special interest rates.
- You can get interest on a monthly/quarterly basis or continue to invest it until maturity.
- Minimum deposit amount is Rs.5,000.
- Kotak Bank account holders can open a fixed deposit via net banking.
- Nomination facility is available.
- Partial/premature withdrawal of fixed deposit is allowed.
- Overdraft facility against fixed deposit is available.
Kotak Bank Senior Citizen Fixed Deposit Rates
Given below are the senior citizen fixed deposit rates offered by Kotak Bank for deposits less than Rs.2 crore.
|Tenure||Senior Citizen Rates p.a.|
|7 days to 14 days||3.00%|
|15 days to 30 days||3.00%|
|31 days to 45 days||3.25%|
|46 days to 90 days||3.25%|
|91 days to 120 days||3.50%|
|121 days to 179 days||3.70%|
|181 days to 269 days||4.75%|
|271 days to 363 days||4.90%|
|365 days to 389 days||5.25%|
|391 days to less than 23 months||5.40%|
|23 months 1 day to less than 2 years||5.60%|
|2 years to less than 3 years||5.65%|
|3 years and above to less than 4 years||5.80%|
|4 years and above to less than 5 years||5.80%|
|5 years and above to 10 years||5.80%|
Documents Required for Kotak Bank Senior Citizen Fixed Deposits
- Valid driving licence/passport
- A photograph
- You must have a savings account for the past six months
- An introduction from Kotak Bank or any other bank
FAQs on Kotak Bank Senior Citizen FD Rates
What is the interest rate offered by Kotak Bank fixed deposits to senior citizens?
The interest rate offered by Kotak Bank fixed deposits to senior citizens ranges from 3.00% p.a. to 5.80% p.a.
What is the minimum deposit amount for Kotak Bank fixed deposits?
The minimum deposit amount for Kotak Bank fixed deposits is Rs.5,000.
Does Kotak Bank offer a nomination facility on fixed deposits?
Yes, a nomination facility on fixed deposits is available.
Is overdraft facility against fixed deposit for senior citizens?
Yes. Overdraft facility against fixed deposit is available for senior citizens.
What is the penalty for premature withdrawal of fixed deposits?
There is no penalty levied on premature withdrawal of fixed deposits with tenures less than 181 days. However, for tenures of 181 days and above, a penalty of 0.50% will be applicable.